Word: raider
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Dates: during 1980-1989
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...Boyd Jefferies, 56, chairman of the Los Angeles-based Jefferies & Co. investment firm, which specializes in assembling large blocks of stock in takeover targets. Jefferies recently supplied Canadian Raider Robert Campeau with $1.8 billion worth of stock in Allied Stores, a move that eased a $3.6 billion takeover of the retail chain. Jefferies has acknowledged receiving a subpoena, and told the New York Times that he was innocent of wrongdoing. Also served was Michael Singer, 37, a former Jefferies senior vice president who | switched in October to the Manhattan-based Salomon Brothers investment firm. Singer resigned his new post last...
...James Goldsmith, 53, the Anglo-French raider, abruptly ended his 2 1/2- week siege of Goodyear Tire & Rubber, the Akron manufacturer, after being grilled before the House Subcommittee on Monopolies and Commercial Law in Washington. "My question is: Who the hell are you?" said Ohio Democrat John Seiberling, whose family founded Goodyear. Goldsmith's sharp retort was that he represented the "rough, tough world of competition . . . a world in which you run a business as a business and not as an institution." But the aggressive tycoon, who owned 11.5% of Goodyear's stock and had offered $4.7 billion...
Boesky's name popped up again in the ongoing takeover battle between Gillette, of shaving-blade renown, and Revlon Group, the cosmetics conglomerate. Revlon, headed by Raider Ronald Perelman, offered $4.12 billion for Gillette two weeks ago, just hours before the Boesky case broke. Gillette counterattacked last week with a claim in Boston's Federal District Court that charged Perelman with violating insider-trading laws. Gillette's lawyers issued a blizzard of demands for records from Boesky and a host of other Wall Street investment firms. Perelman called the Gillette accusations "totally without merit and self-serving." He denied that...
...typical takeover, a corporate raider might begin by buying a few million shares of a target stock, acquiring them on the open market through a major Wall Street broker. Under SEC rules, however, a raider is obliged to announce his holdings and his intentions once 5% or more of a company's shares are in his grasp. The first result of such an announcement is usually a boost in the stock's price. After the offer is made public, arbitragers, betting that a takeover bid will succeed, jump in and buy as much of the target stock as they...
Meantime, the raider would make plans with an investment banker to raise the cash or credit needed for the takeover, often by launching a junk-bond issue. With such financial backing lined up, the raider could then announce a bid for the controlling interest in the target company's stock. By then, the necessary holdings might be in the hands of arbitragers, who would be waiting to sell at a still higher price than their own efforts had created...